Tandem Capital Management Corp ADV Cuts Stock Holdings in Eaton Co. plc (NYSE:ETN)

Tandem Capital Management Corp ADV reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 4.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,474 shares of the industrial products company’s stock after selling 589 shares during the period. Eaton makes up approximately 2.3% of Tandem Capital Management Corp ADV’s portfolio, making the stock its 11th largest position. Tandem Capital Management Corp ADV’s holdings in Eaton were worth $4,466,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC grew its position in Eaton by 75.5% during the third quarter. JFS Wealth Advisors LLC now owns 2,910 shares of the industrial products company’s stock worth $965,000 after buying an additional 1,252 shares during the period. SteelPeak Wealth LLC grew its stake in Eaton by 121.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 3,714 shares of the industrial products company’s stock worth $1,231,000 after acquiring an additional 2,036 shares during the period. Sunburst Financial Group LLC purchased a new stake in Eaton in the 3rd quarter worth approximately $206,000. Pinnacle Associates Ltd. grew its stake in Eaton by 29.3% in the 3rd quarter. Pinnacle Associates Ltd. now owns 126,489 shares of the industrial products company’s stock worth $41,924,000 after acquiring an additional 28,689 shares during the period. Finally, Milestones Administradora de Recursos Ltda. grew its stake in Eaton by 318.5% in the 3rd quarter. Milestones Administradora de Recursos Ltda. now owns 23,546 shares of the industrial products company’s stock worth $7,804,000 after acquiring an additional 17,920 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Down 0.8 %

ETN stock opened at $342.81 on Thursday. Eaton Co. plc has a 12 month low of $198.68 and a 12 month high of $349.74. The firm has a market cap of $136.47 billion, a PE ratio of 37.71, a P/E/G ratio of 2.62 and a beta of 1.02. The firm has a 50 day simple moving average of $321.71 and a 200 day simple moving average of $318.06. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Equities research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.10%. Eaton’s dividend payout ratio is currently 41.36%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Evercore ISI cut their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Royal Bank of Canada dropped their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $340.06.

Insider Activity

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 over the last 90 days. 0.33% of the stock is owned by company insiders.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.